Bitcoin (BTC) traded near $82,800 on Thursday after a late-Wednesday run toward $85,000 reversed, leaving the price sitting close to the $82,500 support level.

The leading cryptocurrency had climbed nearly 2% on Wednesday to reach $84,600 — its first visit to that level since Oct. 7 — clearing the $84,000 ceiling that had turned it back on both Oct. 13 and Oct. 14.

The initial advance followed a Q3 earnings report from SpaceX. Revenue came in at $14.6 billion, up 161% from a year earlier and nearly 15% above expectations. Analysts atist said the results were the first data point this earnings season to support the bull case for AI cloud providers, and US stocks rose at the open. Bitcoin's climb in tandem with equities underlined how the asset traded with broader risk sentiment through Wednesday's session.

Bitcoin Gives Back Its Gains

The rally faded quickly. Bitcoin topped out near $84,800, then fell more than $2,000 in roughly six hours, sliding to around $82,600.

Mixed results from Tesla and Meta weighed on sentiment. Tesla fell 3% in after-hours trading on a lower capital-spending forecast, while Meta rose 2% after raising its AI spending plans. Nasdaq 100 futures fell 1.1% and S&P 500 futures lost 0.5%. Lam Research dropped 7% on a weak outlook.

Asian equities also declined, with South Korea's Kospi losing 2.2% and China's CSI 300 dropping 1.7%.

Among other major coins, ZEC rose nearly 3% to about $1,290, HYPE fell 3% to about $79, and DOGE slipped 2%.

Analysts Map the Key Levels

Analyst Rekt Capital said bitcoin needs a daily close above $83,400. Writing on X, he warned that a rejection at that level would send the price back below $82,500. Daily closes are widely used to validate breakouts, since intraday pushes above a level can reverse before the candle completes.

Analyst Bob Loukas said on X that bitcoin appears to be confirming a new cycle. He sees an upside target 30 to 45 days out, but said a loss of the recent lows at $79,600 would call for a defensive stance.

Bitcoin appears to be confirming the new cycle here. These events provide a really clear and clean setup. The upside target is around 30 to 45 days, room for a good advance. It is however not guarantee of a major upside move, but provides an excellent anchoring point because a… pic.twitter.com/Ss9RCZGkhV

— Bob Loukas 🗽 (@BobLoukas) October 21, 2026

Separately, analyst Ted Pillows posted that buying is happening across all exchanges, a note that came as bitcoin dipped back toward support.

$BTC buying happening across all exchanges now. pic.twitter.com/e9XD2Dcj6K

— Ted (@TedPillows) October 21, 2026

On the four-hour chart, BTC/USD broke above its 200-period simple moving average (SMA) at $83,878 for the first time since Oct. 14, while CoinGlass data showed short liquidations of roughly $110 million — forced closures of leveraged short positions that occur when price rises against them.

The $84,000 equal highs were swept before price slipped back under the 200 SMA. Bulls are seeking that $83,400 daily close, but the level to watch next is $82,500 — losing it would put the $79,600 lows back in play.

ETF Flows Stay Positive

US spot Bitcoin ETFs recorded $528 million in net inflows on Oct. 21, according to SoSoValue data cited by Wu Blockchain, with BlackRock's IBIT leading the way at $235 million. The funds buy bitcoin directly and publish daily flow data, making them a closely watched gauge of US demand — and the Oct. 21 inflows landed even as spot price pulled back from the $84,000 area.

U.S. Bitcoin ETFs Draw $528 Million, Ether ETFs Add $15 Million
According to SoSoValue, U.S. spot Bitcoin ETFs recorded $528 million in net inflows October 21, led by BlackRock's IBIT with $235 million. Spot Ethereum ETFs attracted $14.96 million, with Grayscale's Ethereum… pic.twitter.com/PFBAJe9sA5

— Wu Blockchain (@WuBlockchain) October 22, 2026

Spot Ethereum ETFs added $14.96 million on the same day.

Bitcoin was changing hands at about $82,800 on Thursday, roughly flat on the day. With the $83,400 close and $82,500 support framing the near-term picture, the daily ETF flow prints and the rest of earnings season offer the next reference points.

This article first appeared on CoinCentral.